Material Loss Review of Chester Upland School Employees, O P S EMP, Electrical Inspectors, Triangle Interests % Service Center, Cardozo Lodge, and Servco Federal Credit Unions

The National Credit Union Administration Office of Inspector General contracted with Moss Adams LLP to conduct a Material Loss Review of six federally insured credit unions (Chester Upland School Employees, O P S EMP, Electrical Inspectors, Triangle Interests % Service Center, Cardozo Lodge, and Servco Federal Credit Unions). We reviewed the credit unions to: (1) determine the cause(s) of the credit unions’ failures and the resulting estimated $3.2 million loss to the National Credit Union Share Insurance Fund; (2) assess NCUA’s supervision of the credit unions; and (3) provide appropriate suggestions and/or recommendations to prevent future losses.